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Varo Bank is an online bank with simple account offerings -- a checking account and a high-yield savings account. Along with few fees and access to modern banking conveniences, Varo offers tools to help customers build up savings automatically. Keep reading our full Varo Bank review to find out if this forward-thinking bank is right for you.
Varo Bank offers one of the highest APYs among online banks for customers who meet monthly account requirements. The online bank is also home to a fee-free checking account, which is a prerequisite to opening a high-yield savings account.
Make sure you're getting the best account for you by comparing savings rates and promotions. Here are some of our favorite high-yield savings accounts to consider.
| Account | APY | Promotion | Next Steps |
|---|---|---|---|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
up to 4.50%²
Rate info
You can earn the maximum APY by having Direct Deposit (no minimum amount required) or by making $5,000 or more in Qualifying Deposits every 30 days. See SoFi Checking and Savings rate sheet at: https://www.sofi.com/legal/banking-rate-sheet.
Min. to earn: $0
|
New customers can earn up to a $300 bonus with qualifying direct deposits!¹
|
Open Account for SoFi Checking and Savings
On SoFi's Secure Website. |
Open Account for UFB Portfolio Savings Account
On UFB's Secure Website.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.83%
Rate info
To ensure you keep getting the highest rate at UFB, you'll need to keep an eye on their rates. Occasionally, the bank launches new accounts with higher rates. Existing accounts need to contact the bank to request being moved to one of these new accounts.
Min. to earn: $0
|
N/A
|
Open Account for UFB Portfolio Savings Account
On UFB's Secure Website. |
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website.
Rating image, 4.50 out of 5 stars.
4.50/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best
= Excellent
= Good
= Fair = Poor |
4.10%
Rate info
See Capital One website for most up-to-date rates. Advertised Annual Percentage Yield (APY) is variable and accurate as of Sept. 27, 2024. Rates are subject to change at any time before or after account opening.
Min. to earn: $0
|
N/A
|
Open Account for Capital One 360 Performance Savings
On Capital One's Secure Website. |
If you're looking for a safe place online to keep an emergency fund, Varo's savings account might be the perfect vehicle.
The Varo Savings Account offers competitive rates to all customers. Those who meet its monthly requirements can earn one of the highest APYs we've seen. With no monthly fees, this online savings account is an excellent fit for almost anyone. Varo Savings Accounts don't have a minimum balance requirement, but you can only earn the highest rate tier on the first $5,000 deposited in your account; you'll earn a somewhat lower rate for every subsequent dollar deposited.
One caveat for anyone who only wants a high-yield savings account: You'll need to pair the Varo Savings Account with the Varo Bank Account checking account.
Varo Bank isn't an option for customers looking to open high-yield CDs. Check out some of our top choices for CDs below:
| Bank & CD Offer | APY | Term | Min. Deposit | Next Steps |
|---|---|---|---|---|
Member FDIC.
| APY: 4.10% | Term: 1 Year | Min. Deposit: $2,500 |
Open Account for Discover® Bank CD
On Discover Bank's Secure Website. |
Member FDIC.
| APY: 4.70% | Term: 10 Months | Min. Deposit: $2,500 |
Open Account for
On Secure Website. |
Member FDIC.
| APY: 4.60% | Term: 6 Months | Min. Deposit: $500 |
Open Account for
On Secure Website. |
Varo Bank offers one fee-free checking account: the Varo Bank Account.
The Varo Bank Account is a fee-free checking account that provides a Visa debit card and access to over 55,000 Allpoint® ATMs nationwide. It does not pay interest, but there is no minimum deposit and it connects with several popular payment apps. You'll need to open a Varo Bank Account if you want to open a savings account.
Varo customers who get paid via direct deposit can receive funds up to two days early. This online bank account doesn't come with check-writing privileges.
If Varo's checking account doesn't interest you, take a look at our list of best checking accounts to find an option that fits your banking needs.
Varo Bank has received fewer customer complaints than many other national banks, but that may be due to the bank's young age. Launched in 2015, Varo has already established itself as a digital banking leader. Varo maintains an A rating with the Better Business Bureau and 4.3 stars on Trustpilot.
Customers seem to love Varo's mobile app, which has earned a 4.8-star App Store rating and 4.7 stars in Google Play.
Beyond the need to open a checking account before you can open a Varo Savings Account, there are no relationship benefits tied to these accounts. That's hardly surprising since the APYs are already extremely competitive and the bank offers only two accounts.
If you're looking for an online bank that lets you manage all your money in one place, Ally Bank may be a better fit. It offers a full cache of banking products, including options to earn high APYs without a lot of costly monthly fees. There's even an interest-bearing checking account.
Capital One may be best known for its credit cards, but it also provides full-service personal banking. If you want competitive CDs, loans, or retirement accounts, you'll find them at Capital One. And, unlike Varo, its Capital One 360 Checking earns interest.
Varo Bank should be on your shortlist if:
Our methodology for scoring banks and credit unions revolves around evaluating key aspects such as annual percentage yield (APY), brand reputation, fees and minimum requirements, and additional perks.
These criteria are weighted differently across various account types, ensuring a comprehensive assessment that reflects the competitive landscape and economic conditions.
We strictly feature products that offer federal insurance and high customer satisfaction, keeping our recommendations unbiased by advertiser influence. This robust evaluation process helps us generate balanced, reliable best-of lists that guide consumers to top financial products.
Learn more about how The Motley Fool Ascent rates bank accounts.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
